Good morning. US stock futures slipped in Wednesday morning trading as investors digested January's consumer price index data.  

"Don't expect to be right all the time. If you have made a mistake, cut your losses as quickly as possible"

Bernard Baruch

Top News

No default imminent

•  US President Joe Biden said he would not let the country default on its debt for the first time in the country's history as he sparred with his Republican counterparts over budget cuts and the US debt ceiling.

• The White House is due to release its Budget on March 9th.

IMF turns focus to indebted countries

• The International Monetary Fund said the primary objective of an upcoming meeting between a sovereign debt panel of creditors and borrowers is to establish a mutual framework for how to go about assisting heavily indebted nations.

• The meeting, organized by the IMF, World Bank and India, will include officials from creditor countries like China, India, Saudi Arabia, the United States and other wealthy Group of Seven nations.

Inflation shows signs of tapering

• US inflation continued to cool in January, rising at an annual rate of 6.4% according to figures released by the Bureau of Labor Statistics.

• The fall was smaller than economists had expected, though January's rise was still the smallest 12-month increase since the period ending October 2021.

In Other News

Who wants a folding iPhone? 

•  Apple has been granted a patent by the US Patent Office for a display equipped with touch sensors, with the patents abstract specifically mentioning a "foldable electronic device"

• In 2021, Bloomberg's Mark Gurman said it would be two to three years before the company launches a foldable device.

Reddit going public 

• According to reports from The Information, social media platform Reddit is seeking to go public in the second half of 2023, citing people familiar with the matter.

• In December 2021, Reddit had confidentially filed for an initial public offering with the securities regulator after the companies message board became the go-to destination for day traders during the meme stock frenzy.

Ruthless ransomware  

• Ransomware attacks against industrial organizations rose by 87% in 2022 from the prior year according to a report from cybersecurity firm Dragos Inc.

• Hackers last year targeted mining companies in Australia and New Zealand, while also intensifying attacks on renewable energy companies in the US and EU the report added.

Key Economic Events

• Wednesday - No Major Economic News

• Thursday - Fed's Mester Discusses The Economy, Fed's Bullard Speaks

• Friday - Fed's Barkin Discusses The US Labor Market

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